Significant Reorganization of FSC Financial Consumer Protection Division... Establishment of Virtual Asset and Saemaeul Geumgo Units

Organizational Restructuring and Department Head Appointments on the 29th
Young Department Heads Born 1970-75 Take Center Stage

The Financial Supervisory Service (FSS) has extensively reorganized its Financial Consumer Protection Department to respond to financial crimes that harm the public. In line with changes in the financial environment, a dedicated virtual asset team was newly established. To strengthen the inspection function of Saemaeul Geumgo, which overcame a crisis of insolvency this year, a Saemaeul Geumgo inspection team was also created. Department heads (at the director level) were mainly appointed from those born in the 1970s, and the first female overseas office head was selected, transforming the FSS into a younger generation organization compared to before.

On the 29th, the FSS announced that it had carried out an organizational restructuring and department head personnel changes reflecting these details. First, the existing 'Financial Consumer Protection Department' functions were expanded. It was reorganized from focusing on 'damage prevention' and 'rights protection' to a system centered on 'consumer protection' and 'livelihood finance.' The Livelihood Finance Bureau was expanded and renamed the 'Livelihood Harm Response General Bureau,' and a 'Livelihood Harm Financial Crime Response Council' was established to serve as a control tower. The person responsible for response was elevated from department head to deputy governor.

To strengthen the social safety net function of finance, the Financial Stability Support Bureau was newly established by integrating the existing Inclusive Finance Office and Credit Supervision Bureau. A Win-Win Finance Team was also newly created to specialize in activating win-win finance. Within the Financial Consumer Protection Department, a newly established Fair Finance Team was assigned the role of improving unfair financial practices. To respond to changes in the financial environment, dedicated organizations such as the Virtual Asset Supervision Bureau and Investigation Bureau were created. The Financial Safety Bureau was also newly established to prevent incidents such as IT and information leakage accidents.

The inspection system was also significantly reorganized. The inspection team of the Mutual Finance Bureau was separated to create a new Inspection Bureau. The inspection departments for the small and medium finance sector were reorganized into the Small and Medium Finance Inspection 1, 2, and 3 Bureaus system. To strengthen supervision and inspection of Saemaeul Geumgo, a Saemaeul Geumgo inspection team was newly created. To respond to changes in the insurance sales environment and excessive competition, the insurance inspection departments were also reorganized into the Insurance Inspection 1, 2, and 3 Bureaus system.

Along with this organizational restructuring, the FSS also carried out a large-scale personnel reshuffle of department heads, changing 68 out of 81 positions, accounting for 84%. All practical department heads at headquarters were appointed from those born between 1970 and 1975, replacing them with a younger generation. For the first time since the establishment of the FSS, a senior team leader at grade 3 was appointed as a headquarters department head.

As a result of introducing an open recruitment system for overseas office head positions, Park Jeong-eun, the London office head, was selected as the first female overseas office head. The FSS explained, "This personnel reshuffle is meaningful in that it places talented individuals who can rapidly realize the blueprint presented through the organizational restructuring in the right positions and lays the foundation for meritocracy to take root." The FSS plans to complete the regular personnel reshuffle early by conducting follow-up team leader and team member personnel changes by early January next year.

This content was produced with the assistance of AI translation services.